BGB White Paper Release: Bitget's Transparency Commitment
Bitget was launched ten years after the pseudonymous Satoshi Nakamoto published his thesis paper on a ‘peer-to-peer cash system', which is usually known as the Bitcoin White Paper. The name Bitget is a combination of ‘Bit' in ‘Bitcoin' and ‘get'; that is, our mission since the very beginning has always been to adhere to Nakamoto's ideology of creating a fairer and more democratic financial system, i.e., making Bitcoin and other cryptocurrencies accessible to everyone from everywhere around the globe.
Our focus in the beginning remained on derivatives trading products, as cryptocurrencies were hardly considered a real asset even at the height of ICOs' success. Derivatives trading allows enthusiasts to make profit from crypto’s price movements without heavy capital requirements and a thorough knowledge of hot and cold wallets. In 2020 we introduced the Bitget One-Click Copy Trade - the first copy trading product in the crypto industry, continuing to onboard more crypto advocates with this novel rollout. Five years later, we are proud to be the home to over 8 million users from 100+ countries and regions worldwide and reach US$10 billion in average daily trading volume.
But Bitget never takes rest after any victory. We are indeed obsessed with the goal of lowering crypto entry barriers for a further growth of the digital space and have carefully developed a wide range of products that are not only designed for trading but also suitable for anyone wanting to get acquainted with decentralised finance. Now we see ourselves not as an exchange but an ecosystem of innovation; there arises the need for a ticket to unlock the full power of this vibrant Bitget ecosystem and thereupon BGB came to life.
BGB has had an excellent year in terms of performance. Below is a comparison of BGB and other major cryptocurrencies’ returns on a 3-month basis. In Q1 2022, when everything was still nice and fine, BGB’s growth was 5.5 times higher than that of BTC, 7 times higher than ETH, and 307 times higher than BNB. In Q2, even with the collapse of Terra (LUNA) and the looming of a bear market, all tokens took a hit, but BGB was one of the most resistant to this negative trend with a decline of 31.66% compared to 57.27% (BTC) or the extreme 75.36% of CRO. It continued to lead the recovery in Q3 with a profit of 42.05%, the highest out of all 9 tokens. We haven’t even mentioned that BGB is the only one to record a new all-time high in 2022, right? On October 21, 2022, BGB prices skyrocketed to US$0.22236, achieving a doubling in value compared to the US$0.1064 floor on January 21.
It was one of the rare tokens to have recorded its all-time high in Q4 2022 at US$0.238136 on October 21. Fast forward to February 2023 and it constantly accomplished new, amazing achievements: four consecutive weeks of new highs from US$0.221995 (January 23 - January 29), US$0.223903 (January 30 - February 05), US$0.391977 (February 06 - February 12) and US$0.515241 (February 13 - February 19).
In March 2023, BGB's monthly high decreased by 14.7%, whereas its monthly low rose by 47.8% from US$0.21205 to US$0.313502. This means that if you purchased BGB at its previous all-time high in October 2022 and sold your bag at March's lowest lever, you'd still make a profit of 31.6%. Think you're too late to the party? Buy BGB at February's closing price of US$0.419624 and sell it at March's high, your capital would still go up by 4.8%, which should translate to an annual growth of 870.7%.
The upsurge of BGB price since the start of this year obviously has a positive impact on the token volume. Interest cooled down in November, December and January but skyrocketed in February to US$315.6 million, equivalent to an increase of 225% from January.
If we compare BGB volume of Q4 2022 and Q1 2023, a change of 115% is also to be spotted. February volume alone is almost equal to Q4 2022 volume (US$349 million), indicating a strong accumulation among investors.
Compared to other exchange tokens, BGB’s market cap is still too small: the market cap to exchange transaction ratio of BGB stands at 1.16 as of February 27, 2023, indicating that the current market value of BGB does not match Bitget's competency. In other words, BGB is tremendously undervalued.
By releasing the BGB White Paper, we hope to (1) be fully transparent about our plan for the token and (2) introduce the benefits of BGB in an official manner. Let's take a look at key points of this white paper:
• BGB allocation:
It is worth mentioning that 45% of BGB total supply is used for development purposes (ecosystem, branding and referrals), 25% for BFT swapping to protect the rights of long-term Bitget supporters and 10% (US$79,218,600 at March's closing price) added to the US$300 million Bitget Protection Fund. And to avoid price abuse behaviours out of self-interest, the amount of BGB distributed to KOLs (for branding), users (as referral rewards) and to the team must follow a strict vesting schedule of only 3-4% every year.
• BGB uses:
As mentioned above, BGB is the ticket to multiple activities on Bitget, including Bitget Launchpad (hold BGB to get exclusive access to highly anticipated IEOs), Bitget Launchpool (stake BGB to earn new, promising project tokens for free), Bitget Lottery (hold BGB to win prizes in BGB every day), BGB Earn (generate more BGB from your current holdings and/or secure the opportunity to buy BGB at discounted prices), Bitget VIP Program, GroupCoin (hold BGB to get the chance to purchase staple cryptocurrencies at special prices), Vote-To-List (hold BGB to decide whether the project will be listed on the exchange and get rewards for your participation). As a dedicated trader, you can always take advantage of our transaction fee discount program (a direct 20% off from spot fees), futures trading rewards, free withdrawals (for the first withdrawal of the day) and profit sharing (for registered traders on Bitget Copy Trade to receive commissions of up to 10% of their followers' profits).
• BGB roadmap:
To be expected in Q2 2023 are the VIP Program and the Zero-fee Withdrawal Program for BGB holders. BGB Earn will be reopened in Q3 with even higher APY and the completely new ‘buy BGB at a discount' feature. We encourage you to subscribe to our channels to not miss any additions to the BGB roadmap!
Overall, the release of BGB White Paper is intended to provide the most detailed description of BGB - why Bitget, our plan for BGB and how beneficial it is to join our BGB army as soon as possible. We keep our words and always make sure that our users are well-informed on Bitget's development progress. Don't forget to check out our Bitget Hot Takes Series for weekly analyses of BGB price actions and BGB Sail for BGB's monthly updates!
Feeling ready? Simply create an account, and start exploring the incredible Bitget-Verse today!